Car finance question

Lupus said:
But if you asked for a settlement amount it would've been lower than the 130k.
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i get a statement every 6 months and the settlement amount is only a fraction lower than the outstanding amount
anyways, i have 4 more payments and then its all finished
 
Papa Smurf said:
i get a statement every 6 months and the settlement amount is only a fraction lower than the outstanding amount
anyways, i have 4 more payments and then its all finished
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It would do that u less you put more in earlier on when the interest portion was very high
 
Papa Smurf said:
i get a statement every 6 months and the settlement amount is only a fraction lower than the outstanding amount
anyways, i have 4 more payments and then its all finished
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Weird, I've requested a settlement amount 2 years early and the amount was basically what I owed minus the interest.
 
made some excess payments and now I just have to wait for the next statement to see if I get a rebate on the interest.
 
joker08 said:
made some excess payments and now I just have to wait for the next statement to see if I get a rebate on the interest.
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You should also get reduced premiums do to all the interest rate drops unless you too fixed interest.

If you make substantial payments ask them to shorten the term and maintain your installment. Or even increase the installment if you can. Especially with the rate changes. These last lot knocked off R300pm. So I asked that my installment be raised back to the initial amount as that is what I had budgeted on spending. Fortunately my salary is not affected by the lock down as we have been working as per normal. If you were comfortable with R3100pm ask them to keep it there.
 
Dairyfarmer said:
You should also get reduced premiums do to all the interest rate drops unless you too fixed interest.

If you make substantial payments ask them to shorten the term and maintain your installment. Or even increase the installment if you can. Especially with the rate changes. These last lot knocked off R300pm. So I asked that my installment be raised back to the initial amount as that is what I had budgeted on spending. Fortunately my salary is not affected by the lock down as we have been working as per normal. If you were comfortable with R3100pm ask them to keep it there.
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i am on fixed interest, dont know if they had me on fixed for the first year or two. But anyway I will call them and ask for a reduction in interest rate, lets see what they say.
 
joker08 said:
i am on fixed interest
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You win some you lose some. I always took a fixed rate. My latest finance I took out about a month before lock down and forgot to ask for a fixed rate. My first payment was only after the second interest rate drop. So I got 3% off before I even made a payment. I know the rate will come back up again. I've already saved up next years school fees, so got that extra R7k pm to put into the finance. that's 1.5 months worth of installments extra every month. So this year I'll have paid an extra 13 installments. With the saving in interest it should shorten the term by, at least, 18 months.
 
Wesbank called my wife asking about the extra payments, unfortunately she was busy with the babies and she got a little skeptical when they asked for her details so she hung up. Now I am curious, why did they call ??
 
joker08 said:
Wesbank called my wife asking about the extra payments, unfortunately she was busy with the babies and she got a little skeptical when they asked for her details so she hung up. Now I am curious, why did they call ??
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No big deal, probably wanted to give you options regarding the extra funds, give them a call and find out. Wesbank is one of the best finance houses I have ever dealt with, if I ever finance a car again it will be with them, very prompt and efficient, I don't ever recall being stuck with them.
 
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